Several campuses continue to confront declining enrollments and mounting deficits: the University of Tulsa’s repeated reinventions aimed at prestige and revenue growth produced sustained deficits, and the institution now faces deep financial strain. Meanwhile, the University of Chicago reported a roughly 44% reduction in its fiscal‑2025 budget deficit to $160 million after staff cuts, tuition growth and donor support. Campus leaders are adopting a mix of cost controls—staff reductions, reduced doctoral intake and scaled capital projects—while pursuing revenue through philanthropic campaigns and program realignments. Observers caution that federal research‑funding uncertainty and state policy changes could complicate recovery plans for institutions with narrow margins. Why it matters: financial stress is forcing strategic retrenchment and program closures at institutions that once pursued aggressive growth. Trustees and presidents must balance short‑term fiscal fixes against long‑term mission continuity, with potential impacts on research capacity, student services and regional economic ties.